Ecclesiastical reports positive profit swing
Ecclesiastical has continued its yo-yo results trend with a pre-tax profit of £15.6m for the first half of the year(£9.9m loss in H1 2010) but its combined ratio remains above 100%.
Its first half year results showed an overall underwriting loss of £7.5m (£15.5m loss: H1 2010) while its UK business actually delivered an underwriting profit of £3m for H1 2011 - up 10% on last year.
The group's combined operating ratio stood at 104.9% for H1 2011 (111.3% in H1 2010). Both the insurer's general business gross written premium and turnover was in line with 2010 at £240m and £254m, respectively.
Group chief executive Michael Tripp said: "The first half of this year is a good
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